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% Comp6-1 (similar to) Question Help The Harris Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. HLC uses a perpetual inventory system, FIFO method. HLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses In addition to the land and building, HLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. 5 4,500S 12 $ 54,000 The trial balance for HLC as of September 30, 2018 follows Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of tho following lamps: Click the icon to view the Merchandise Inventory.) During the fourth quarter of 2018, HLC completed the followi transactions: (Click the icon to view the transactions). Read the requirements 2600 4,500 $ 15 4 10400 12 $ 54,000 4 2000 12 $ 54,000 2,100 19 19900 500 4,500 $ 1200||$ Dec 27 500 2000 12 14400 Enter any number in the edit fields and then click Check Answer 56 parts remaining Clear All Check Answer MacBoo 30 DOO F4 56 A 2 $ 4 3 % 5 6 & 7 8 W E R T Y Data Table 018 follows: s Lamp s lamps sists of the es. The ble lamp system separatd Harris Lamp Company Trial Balance bntory) d the following Il expen September 30, 2018 mistrative use, whid s of the d ion to the Balance Account Debit Credit and equ he accum! able asse Cash $ 436,000 Accounts Receivable 0 5 122,800 295 10400 $ 54,000 15 2000 Merchandise Inventory Office Supplies Warehouse Supplies Land Building 320 $ 54,000 14,000 Dec. 27 14400 810,000 any numbe Print Done parts remaining rer Pro B 29 MacBook PC 80 ODO door F1 * # 3 $ 4 % 5 & 7 2 6 8 W E R. Y 2018 follows DUTY UTU,Vov sists of the 140,000 320,000 mis Lamp ses lamps Cores. The table lamp ory system is separate All expend ministrative ouse, which ons of the d lition to the ure and equ one accumy eciable asse bntory.) d the followir $ 254,000 Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Dividends 0 90,000 326,300 5 0 2,621,315 10400 $ 54,000 15 1,124,200 2000 Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling 180,000 $ 54,000 Dec. 27 37.000 14400 0 er any numbe Print Done parts remaining rer 31 @ MacBOOK O 3 * # 3 2 $ 4 % 5 6 & 7 B 8 W E R . Y 018 follows: sists of the Dividends 0 Sales Revenue 2,621,315 rris Lamp ses lamps Cores. The table lamp ory system is separate All expen ministrative ouse, which ons of the d ition to the ure and equ one accum eciable asse entory.) d the followin 1,124,200 180,000 37,000 0 Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 0 5 86,000 10400 21,000 $ 54,000 15 0 2000 0 $ 54,000 14400 Dec. 27 Total 3,291,615 $ 3,291,615 or any numbe Print Done parts remaining rer 31 MacBook Pro S BO OOO 2 OOO 11 A # 3 $ 4 2 % 5 & 7 8 W E R T Y U oorlampe HLM Darnatural Merchandise Inventory as of September 30 C i Data Table - disel compl. Item pns). Total Cost Desk Lamp Table Lamp Quantity Unit Cost 3,400 $ 4 $ 3,200 21 13,600 67,200 42,000 Floor Lamp 1,500 28 Total S 122,800 12 4 Print Done 12 12 che edit fields and then click Check Answer. Clear All Check Answer 31 More Info Oct. 1 Oct. 12 Purchased lamps on account from Teton Lights, terms r/30, FOB destination: 4,500 desk lamps at $10 each 4,500 table lamps at $2 each 4,500 floor lamps at $27 each Sold lamps on account to Celestial Home Furnishings, terms 2/10,n/30: 3,500 table lamps at $48 each Sold lamps on account to Newnan Office Supply, terms 1/10, 1/30: 1,400 desk lamps at $19 each Received a check from Celestial Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Newnan Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Interstate Home Stores, terms 3/10, n/30: 1.000 table lamps at SA aach Oct. 15 Oct. 20 Oct. 23 Oct. 28 Print Done rts maining Clear All - Check Answer 31 MacBook PC 000 F4 7 F2 # 3 $ 4 % 5 & 7 6 i More Info Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Sold lamps on account to Interstate Home Stores, terms 3/10, 1/30: 1,000 table lamps at $48 each 1,000 floor lamps at $67 each Paid amount due to Teton Lights from Oct. 1 purchase. Paid salaries, $41,000 (70% selling, 30% administrative) Paid utilities, $2,900 (60% selling, 40% administrative). Sold lamps on account to Newnan Office Supply, terms 1/10,n/30: 2,600 desk lamps at $19 each Purchased lamps on account from Teton Lights, terms n/30, FOB destination: 4,500 desk lamps at $12 each 7,000 table lamps at $27 each 9,000 floor lamps at $30 each Nov.5 Print Done aining Clear All Check Answer - 31 D A MacBook Pro DOO 20 F3 F6 F4 # 3 $ 4 % 5 & 7 6 i More Info Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Received a check from Interstate Home Stores for full amount owed on Oct. 28 sale. Received a check from Newnan Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $220 for the office; $875 for the warehouse. Sold lamps on account to Walker Office Supply, n/30: 2,100 desk lamps at $19 each Sold lamps on account to Plaza Discount Stores, terms 1/10, 1/30: 2,200 table lamps at $48 each 2,200 floor lamps at $67 each Received a check from Plaza Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $41,000 (70% selling, 30% administrative), Paid utilities, $2,610 (60% selling, 40% administrative), Paid amount due to Teton Lights from Nov. 5 purchase. Nov. 28 Nov. 30 Nov. 30 Dec. 5 Print Done m Clear All Check Answer Sining BA 31 MacBook Pro 90 F4 # 3 $ 4 % 5 & 7. 6 More Info Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 2,200 floor lamps at $67 each Received a check from Plaza Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $41,000 (70% selling, 30% administrative). Paid utilities, $2,610 (60%selling, 40% administrative). Paid amount due to Teton Lights from Nov. 5 purchase. Received a check from Walker Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $20,000 Sold lamps on account to Celestial Home Furnishings, terms 2/10, 1/30: 3,800 desk lamps at $19 each 2,300 table lamps at $48 each Paid salaries, $41,000 (70% selling, 30% administrative). Paid utilities, $3,000 (60% selling, 40% administrative) Dec. 15 Dec. 27 Dec. 31 Dec. 31 Print Done ts Clear All Check Answer naining @ 31 MacBook Pro 80 DOO OOO F3 F4 F2 F5 # 3 $ 4 % 5 & 7 6 0 Vow the transactions). nich is used for the shipping and receiving functions of the company, are ategorized as Selling Expenses. In addition to the land and building, HLC Iso owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets Read the requirements Desk lamps: Purchases Inventory on Hand Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Unit Total Date Quantity Cost Cost Sep. 30 Quantity 3,400 $ Oct. 1 4,500 $ 10 $ 45,000 3,400 $ 4,500 2,000 $ Cost Cost 4 $ 13,600 4/ $ 13,600 4 18000 4 $ 8,000 15 1,400 19 26600 Enter any number in the edit fields and then click Check Answer 56 parts remaining Clear All Check AI MacBook Pro 38 FY BO 52 DOO BB A 2 # 3 $ 4 % 5 6 & 7 8 9 W E R T Y U - S D F G H J Z V N M win mo 815 enses 55 nistrative Expenses. All expenses associated with the warehouse, is used for the shipping and receiving functions of the company, are orized as Selling Expenses. In addition to the land and building, HLC owns office furniture and equipment and warehouse fixtures. The any uses one accumulated depreciation account for all the depreciable During the fourth quarter of 2018, HLC comple Click the icon to view the transactions). Read the requirements ts 4,500 18000 Nov. 1 1300 $ 4 5200 2600 4 10400 1300 4 5200 5 4,500 $ 12 $ 54,000 2600 4 10400 4,500 $ 15 2,100 19 19900 500 12$ 54,000 4 2000 12$ 54,000 4,500 $ All inter any number in the edit fields and then click Check Answer. 56 parts remaining Clear All Check A 31 MacBook Pro so ODO GOOF 4 A 2 3 $ 4 % 5 6 & 7 8 W E R. T Y U S F. H the manufacturer and resells them to retail stores. The company !!! (Click the icon to view the trial balance.) ventory items: desk lamps, table lamps, and floor lamps. HLC petual inventory system, FIFO method. HLC owns land with a Merchandise Inventory as of September 30 cc hich is separated into two parts: office space and warehouse (Click the icon to view the Merchandise in expenses associated with the office are categorized as Puring the fourth quarter of 2018, HLC comple tive Expenses. All expenses associated with the warehouse, sed for the shipping and receiving functions of the company, are Click the icon to view the transactions). ed as Selling Expenses. In addition to the land and building, HLC office furniture and equipment and warehouse fixtures. The Read the requirements uses one accumulated depreciation account for all the depreciable UUD 15 2,100 19 19900 500 4,500 $ 4 2000 12$ 54,000 Dec. 27 500 2000 1200 $ 12 14400 4 12 3300 $ 39600 31 20||$ 12 240 201$ 12 240 otals 9,000 $ 99,000 9920 98740 1220 14640 any number in the edit fields and then click Check Answer: parts remaining Clear All Check MacBook RSS 52 80 000 F3 F4 F6 # 3 $ 4 % 5 & 7 6 8 W E R. Y U

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